Stargroup - Indue Acquisition and Funding Update
Financial Technology and ATM company Stargroup Limited (ASX: STL) announced that wholly owned subsidiary StarLink Pty Ltd did not settle the acquisition of the Indue Limited Automatic Teller Machine switching, settlement, processing telecommunications and reseller business on March 13 as originally planned. Stargroup is in negotiations with Indue and is committed to completing the transaction as soon as practicable.
Financial Technology and ATM machine company Stargroup Limited (ASX : STL) wishes to advise it and its wholly owned subsidiary, StarLink Pty Ltd, did not settle the acquisition of the Indue Limited (Indue) Automatic Teller Machine (“ATM”) switching, settlement, processing, telecommunications and reseller business on 13 March 2017, as originally planned.
As advised, on 20 February 2017, the Sydney credit provider had paid a 5% non-refundable deposit ($325,000) to Indue which has been forfeited by the Sydney credit provider as the acquisition was not completed on or before 13 March 2017.
Stargroup is currently in negotiations with Indue and is committed to completing the transaction and is still proceeding with these negotiations and will keep the market informed of developments.
Mr Todd Zani, Stargroup’s CEO and Executive Chairman said “We are obviously disappointed that the transaction has not completed as originally scheduled but we are committed to this transaction and it continues to proceed on an unconditional basis. We will continue to work with Indue to finalize this transaction on an as soon as practicable basis.”
